VC-backed Kuros merges with listed Cytos

The new company will be called Kuros Biosciences. Each Kuros share will convert into approximately 27 newly issued Cytos shares. The current shareholders of Cytos will own a fifth of the business and Kuros's shareholders will hold the remainder.

The combined company, which will operate under the name Kuros, will be led by Kuros's executive management team, with CEO Didier Cowling resuming his role in the newly formed group. Cytos's management team will step down following the close of the transaction, which is expected within the next two months.

Zurich-based Cytos is listed on the SIX Swiss Exchange. The company, which develops asthma medication, was close to going into administration last year.

Last month, Kuros announced a CHF 5m extension for its latest funding round, which brought the latest round to CHF 20m.

Companies
Headquartered in Zurich, Kuros develops biomaterials used for wound healing, tissue sealant and orthobiologics. The company was founded in 2000 in a spinout from the Swiss Federal Institute of Technology and University of Zurich.

Established in 1995 and also a spinout from Swiss Federal Institute of Technology, Cytos develops drugs for the treatment of asthma.

People
Didier Cowling is CEO of Kuros. Christian Itin will remain the CEO of Cytos until the transaction is finalised.

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